Commodities have seen good gains in last week and that continued today as well. Crude jumped 12% last week on speculation of high outpcut cut by OPEC. Weaknees in US dollar is also supporting the prices.
On the MCX, crude January contract was up by Rs 170 last week and today, it opened higher by Rs 35.
Gold also gained last week and silver rose 4.5% on speculation of Fed rate cut. Gold has seen a resistance of USD 835/ounce and may move up to USD 850/oz.
On the MCX, it witnessed a range of Rs 700 last week and today, it opened higher by Rs 85 on the MCX February contract.
Base metals are also seeing good gains due to rebound in equity markets in Asia. Weak US dollar is another reason for rally in base metals.
On the MCX, copper has seen a range of Rs 160-170 last week and today, it opened higher by just Rs 3 on February contract.
